Fortune Eludes Cards Backed by the Famous as Competition from Big Banks Mounts and Fees Come Under Pressure

Celebrities are having a tough time making it big in the prepaid-card business.

Financial-advice personality Suze Orman and basketball legend Magic Johnson have shuttered their prepaid-card ventures. Rapper Lil Wayne has stopped accepting applications for his Young Money cards in the last few weeks, according to people familiar with the matter. Other celebrities, such as the Kardashians, have left the business as well after being...